The assets of 1,903 senior officials in the Lee Jae-myung administration were released for the first time on the 26th. Average assets per person were 2.09563 billion won, up 148.7 million won (7.6%) in one year.
On this day, the Government Public Officials Ethics Committee of the Ministry of Personnel Management released senior officials' asset details in the official gazette and on the Public Service Ethics System website. Since the launch of the Lee Jae-myung administration, this is the first time that the assets of all senior officials required under the Public Service Ethics Act to report changes in their assets to the committee have been disclosed.
Those subject to asset disclosure are ▲ political appointees ▲ heads of local governments ▲ Grade 1 and higher civil servants, among others. They must report to the committee by the end of Feb. of the following year any changes in their own and their immediate family members' assets during the year. The committee releases the filings at the end of Mar. and then reviews them for three months to determine whether any laws were violated.
It was found that 76% (1,449 people) of senior officials reported their assets increased from a year earlier. The average increase was 148.7 million won, of which 109.44 million won was analyzed as the effect of higher prices of held stocks. An increase of 39.26 million won was attributed to higher officially assessed values of held dwellings or land.
The largest group, 42% (607 people), reported asset increases between 100 million won and 500 million won. A total of 22% (322 people) said theirs rose by 10 million won to 50 million won. A total of 21% (308 people) reported increases of 50 million won to 100 million won. A total of 10% (144 people) said theirs rose by more than 500 million won.
By contrast, 24% (454 people) of senior officials reported a decrease in assets. In some cases, assets fell because stocks were placed in blind trusts or the value of held virtual assets declined. In some cases, it was not an actual drop in assets but appeared so on the surface because family members refused to disclose their assets. Senior officials may refuse to disclose the assets of family members who maintain independent livelihoods. A total of 48% (918 people), or about 1 in 2 senior officials, refused to disclose family members' assets.
The committee said it will "conduct a review by the end of June to determine whether there were any legal violations, such as officials making false entries about their assets or using confidential information obtained on the job to acquire real estate, and then take legal action." The committee also said it will set up a fair real estate reporting center in the first half of the year to receive tips related to senior officials' suspected assets.